![]() ![]() "We want you to know that we are working to make sure as many of our Business Banking customers receive loans as possible."īank of America, Wells Fargo and other large banks have also been targeted by similar lawsuits, initiated by the law firm that is leading the case against JPMorgan and one other firm.Ī spokesperson for Bank of America said the bank denies allegations that it issued Paycheck loans with a view to maximizing profits. "I also understand that many of you are frustrated that you applied early in the process, but that SBA funding ran out before you could receive a loan," Jennifer Roberts, CEO of Chase Business Banking, said in a statement on the bank's website Monday. The average size of JPMorgan's PPP loans was just over $515,300 - more than double the average size of all the loans made by all banks through the program, which was $206,000, according to data from the Small Business Administration. bank, lent $14 billion through the Paycheck program, more than any other bank. Small Business Administration, were supposed to be first come, first serve, according to the litigation. That left many small businesses shut out from the program. The suits say the banks did so to maximize loan-origination fees, and their own profits, before the PPP fund ran out. Instead, the complaints claim, big banks put larger borrowers seeking larger loans from the Paycheck Protection Program ahead of smaller firms seeking to support their stretched payrolls. ![]() and worldwide: Coronavirus mapFunding stalled in Congress as Payment Protection Program runs dry 06:35Ĭlass-action lawsuits allege that JPMorgan Chase and financial giants like Bank of America and Wells Fargo "prioritized corporate greed" in distributing tens of billions of dollars from a now-emptied federal coronavirus relief fund meant for small businesses.
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